The accessory plugs into the iPhone or iPod touch’s dock
connector. It measures 1.25 x .85 inches. Using a free app you’ll
be able to download from the App Store, you drag and drop buttons
into place to control your home entertainment devices.

The accessory works without batteries and will control any number
of devices within about 30 feet, according to the manufacturer.
It doesn’t require independent batteries, Wi-Fi or external power
to function.

This probably won't replace most peoples' living room remotes:
Who wants to rely on having their iPhone powered up and near the
TV all the time? But good to know the capability exists; could be
more useful with a spare living-room iPod touch; and we're sure
someone will find a use for it.